Following recent actions by HMRC, including a recent decision concerning VAT and livery services the equine industry could be excused for thinking they are under attack. Equine specialists 360 Chartered Accountants are urging equine businesses across the UK to make sure they are getting the right advice to protect their businesses.
Alicia Jardine Laurie, 360 Chartered Accountants, who has owned and competed horses all her life and is an avid race go-er having been an annual member at Doncaster Racecourse for many years as well as a British Dressage member and trainee judge:
Like all specialist industries, equine and bloodstock can be complex from a financial, taxation and accounting point of view. But it’s essential for horse owners, riding schools, polo clubs, stud farms and all involved in this industry to ensure they understand what needs to be done in order to protect themselves and save them money.
360 Chartered Accountants have clients ranging from Team GB riders and livery yards to many business supplying the equine industry.
Our in-depth knowledge means we appreciate the many challenges faced by businesses in this sector, no matter their size. From inheritance tax planning, proof of commerciality, the 11 year hobby farming loss rules, taxing stud and stallion income, horse dealing, VAT registration for racehorse owners, tax planning for schools, showjumping, dressage and eventing and considering the right way to structure a business for professional sportspeople, the list really does go on.
But with HMRC cracking down and attacking many reliefs previously available to those involved in the equine industry, it’s imperative they don’t lose out on what is on offer to them. They need to review their tax status and tax returns and look at the long term repercussions of every decision they make.
If anyone would like to find out how they can save money and review their tax, they are asked to contact Alicia Jardine Laurie by emailing Alicia@www.360accountants.co.uk or by calling 01482 427360.